Pier 1 stock soars, drops, then soars again after new CEO appointed, delisting threat averted

Pier 1 Imports Inc. stock has been riding a roller coaster of ups and downs after the company announced a new chief executive and is on the road to regaining listing compliance with the New York Stock Exchange. Shares are up 6.8% in Wednesday trading after closing Tuesday down 5.8%. On Monday, the stock closed up 8%. The struggling home goods retailer announced that Robert Riesbeck, a restructuring expert who will stay on as chief financial officer, will now also serve as CEO. He has been CFO at Pier 1 since July 2019. The company’s chief customer officer, Donna Colaco was named president, and Douglas Diemoz, who was president, has left the company. Pier 1 also announced that the New York Stock Exchange has accepted its plan to regain listing compliance, averting the threat of delisting. The company received a non-compliance notice on Aug. 5, and now has 18 months to regain listing standards. Pier 1 stock has lost 80% of its value over the last year while the S&P 500 index is up 11.6% for the period.

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